Metricom gets delisted, rejects bid for assets

High-speed wireless data-services company Metricom had its securities delisted from the Nasdaq stock market today.

The announcement follows the company’s rejection of Aerie Networks’ $20 million bid last Friday to purchase all its assets, an Aerie Networks spokeswoman said. Yet, according to the Aerie Networks spokeswoman, Aerie remains interested in purchasing portions of Metricom’s Ricochet network.

The asking price for the intellectual property, inventory and other equipment is about $2.5 million. The radio assets to power the network, valued at $50 million, are not included with the assets under discussion. The bankruptcy judge for the Metricom case set a Sept. 17 deadline to accept or reject the offer.

Metricom owns the high-speed Ricochet Internet network that once powered wireless Internet access for 51,000 customers in 14 states.

Trading for Metricom’s common stock was suspended July 2 after the company announced it was filing for Chapter 11 bankruptcy protection.

--Amalia D. Parthenios, staff writer